India’s fintech journey has been nothing short of revolutionary. With initiatives like UPI, RuPay, and Jan Dhan Yojana transforming how millions interact with money, the nation has established itself as a global leader in digital finance. Celebrating this momentum, the Digital Payment Awards 2025, hosted by the Department of Financial Services (DFS) under the Ministry of Finance, recognised the outstanding contributions of banks and fintech companies in building a robust, inclusive, and secure digital payments ecosystem.
The Event: A Gathering of Digital Finance Leaders
The awards ceremony was held on 18 June 2025 at Vigyan Bhawan, New Delhi, and witnessed participation from over 120 organisations, including 39 banks and 84 fintech firms. It was graced by Finance Minister Nirmala Sitharaman, Minister of State Pankaj Chaudhary, and other senior officials from DFS, the National Payments Corporation of India (NPCI), and the Reserve Bank of India.
A total of 21 awards were distributed across three broad categories:
- Banks
- Fintech Companies
- Technical Service Providers & Infrastructure Builders
Key Award Winners & Their Achievements
🔹 PhonePe
PhonePe, one of India's leading fintech companies, was awarded for its excellence in building offline digital payment infrastructure. Through innovative QR-based and offline solutions, PhonePe played a vital role in enabling digital payments in remote and under-connected areas, making it easier for small merchants and rural consumers to adopt cashless transactions.
🔹 India Post Payments Bank (IPPB)
IPPB was honoured as the #1 Payments Bank for the financial year 2024-25. Leveraging India’s vast postal network, IPPB has brought digital banking services to the doorsteps of over 11 crore customers in 5.6 lakh villages, driving meaningful financial inclusion through its digital tools and Aadhaar-linked accounts.
🔹 City Union Bank
Among private sector banks, City Union Bank was recognised for its overall performance and innovation. Ranked #2 in its category, the bank impressed the jury with initiatives such as wearable payment devices, multilingual AI chatbots, voice-enabled UPI, and advanced fraud detection systems—demonstrating a forward-thinking approach to digital transformation.
🔹 IndusInd Bank
For the financial year 2023-24, IndusInd Bank secured the third position among private banks. With over 93% of its transactions conducted digitally, and a rapidly growing user base for its ‘INDIE’ mobile app, the bank was lauded for exceeding its digital targets and enhancing user experience through automation and app-based banking.
🔹 Ujjivan Small Finance Bank
Recognised for outstanding performance among Small Finance Banks, Ujjivan’s commitment to expanding digital payment channels in underserved segments was celebrated. The bank’s focus on accessibility and seamless digital onboarding earned it special praise.
Government’s Vision & Call to Action
- During the event, Finance Minister Nirmala Sitharaman highlighted India’s digital success:
- 87% digital adoption rate in India compared to the global average of 67%.
- India contributes to almost half of the world’s real-time transactions through UPI.
- Over 350 million active users regularly engage with digital platforms
She also called upon fintechs to ramp up cybersecurity efforts, especially in combating threats like deepfakes, phishing, and digital impersonation—noting that public trust must be protected to ensure the continued growth of digital payments.
Minister of State Pankaj Chaudhary emphasized the collective role of banks as infrastructure providers and fintechs as innovation drivers. He cited achievements under the Jan Dhan Yojana (over 55 crore accounts), use of Aadhaar for seamless identity verification, and ₹44 lakh crore disbursed through Direct Benefit Transfers as examples of India's fintech-led transformation.
DFS Secretary M. Nagaraju shared staggering statistics, noting that UPI alone processed 18,587 crore transactions amounting to ₹261 lakh crore in FY 2024-25—a reflection of India’s unwavering shift to digital payment methods.
Why These Awards Matter
These awards are more than ceremonial—they:
- Encourage innovation by spotlighting cutting-edge technology in the financial space.
- Push financial inclusion by rewarding efforts in rural and remote outreach.
- Promote healthy competition among banks and fintechs to improve performance and security.
- Reinforce government priorities for a “Digital India” aligned with the vision of a “Viksit Bharat”.
Looking Ahead
With India continuing to lead the global conversation on digital payments, the Digital Payment Awards serve as a milestone to recognise progress, inspire innovation, and build trust. The government’s recognition not only validates the efforts of those in the financial sector but also sets the tone for future advancements where convenience, safety, and inclusivity go hand in hand.
In a world rapidly moving towards cashless economies, India’s Digital Payment Awards 2025 prove that innovation, infrastructure, and inclusiveness are the pillars of sustainable digital finance.
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